Milbank LLP served as legal counsel to Cathcart Rail in three transactions, all of which closed today:
- Cathcart Rail’s acquisition of the railcar repair business of The Andersons, Inc. (Nasdaq: ANDE), under an agreement signed in May 2022;
- A new investment in Cathcart Rail by Nuveen, a leading global investment manager with over $1.2 trillion of assets under management, which joins as an equity stakeholder alongside Star America Infrastructure Partners, LLC, with Wells Fargo Securities, LLC serving as financial advisor to Cathcart; and
- Debt financing from a senior loan syndicate led by Bank of America, N.A. and BofA Securities, Inc.
“It is a privilege to work closely with Cathcart Rail’s management team and equity partners to build the leading railcar services company in the country with a rapidly growing national footprint offering a broad array of freight rail services,” said Milbank LLP Global Project, Energy & Infrastructure Finance partner Allan Marks, who acted as counsel to Cathcart Rail. Marks added, “We are excited to represent Cathcart Rail on its acquisition of The Andersons’ railcar repair business, Cathcart Rail’s new corporate debt facilities, the equity investment by Nuveen, and other transactions.”
Founded in 2015, Cathcart Rail is a leading freight rail services and transportation company. The company currently operates the largest railcar services network, encompassing 18 repair facilities and over 75 field services locations, as well as a rail services division that operates three shortline railroads and a dozen contract switching and transloading sites, among other services such as railcar storage, track maintenance, and railcar parts.
The Milbank LLP acquisition deal team was led by Global Project, Energy and Infrastructure Finance partner Allan Marks and Global Corporate partner John Franchini, along with associates Benjamin Fidler, Severine Losembe, Natalie Chitayat, Christina Sonageri, Jake Barney, Kristen Lin, Bailey Miller and Sylvia Rosner. In addition, the equity transaction deal team was led by Allan Marks and John Franchini, along with associates Benjamin Fidler, Christina Sonageri and Sylvia Rosner, and the debt financing deal team was led by Allan Marks along with special counsel Sean O’Neill, and associates Severine Losembe, Nickta Hoss and Parker McCloud. The Milbank team also included Environmental partner Matt Ahrens, Tax partner Max Goodman and associate Michael Rivkin, Executive Compensation partner Joel Krasnow and special counsel James Beebe.
